On April 21, 2022, the Central Board of Direct Taxes (CBDT) has issued the Income-tax (Ninth Amendment) Rules, 2022 to amend Income-tax Rules, 1962.
- Rule 12AB dealing conditions for furnishing return of income by persons referred in section 139 (1) (a) has been inserted.
Conditions for furnishing return of income by persons referred to in section 139 (1) (a): The conditions for furnishing return of income in respect of persons are: –
- If his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year.
- If his total gross receipts in profession exceeds ten lakh rupees during the previous year.
- If the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is twenty-five thousand rupees or more.
- The deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year.